We are traders and have purchased a laptop for business use with GST invoice. E way bill also has been created by supplier. Can we claim ITC? If yes can it be claimed in one instalment?
12 Replies
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 10 June 2022
Yes, you can claim the ITC.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 10 June 2022
Can not Claim Depreciation on Tax Components
Shubham Moondra
(8 Points)
Replied 10 June 2022
Yes, you can claim ITC, provided that you didn't take any depreciation on such amount.
The depreciation should be claimed on amount excluding GST.
The depreciation should be claimed on amount excluding GST.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 June 2022
You can claim it except you dealing in exempted supplies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 12 June 2022
ITC can be availed on capital goods only if the depreciation is not claimed on ITC amount.
Hope only 50% ITC can be claimed in the year of purchase
Hope only 50% ITC can be claimed in the year of purchase
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 13 June 2022
No rule provide for 50% ITC on capital goods , if I'm incorrect then correct me with section or any notification issued
Shankar Sharma
(510 Points)
Replied 14 June 2022
@ Rashmi. I think during VAT regime ITC on capital goods was allowed to be claimed in installments.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 14 June 2022
There is no provision in GST for claiming ITC in instalments.
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